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Garmin Continues Triple-Digit Automotive GPS Growth

8/02/2006 12:43:00 PM Eastern

Cayman Islands — Garmin reported that total revenue for the quarter, ended July 1, rose 64 percent to $432.5 million over the second quarter last year at $254.5 million.

Net income for the quarter was $123.2 million, up from $74.2 million for the same time last year. Revenue for North America in particular rose 51 percent to $232.6 million, compared with $154 million last year. Europe was up 83 percent and Asia up 69 percent.

Automotive/mobile GPS sales revenue in particular increased 153 percent for the quarter and 182 percent for the first half, reaching $406.1 million year-to-date for the first half. Outdoor/fitness increased 24 percent for the quarter and 22 percent for the first half, reaching $134.8 million year-to-date.

Marine revenue decreased three percent for the quarter but showed an overall increase for the first half of 7 percent to $100.8 million year-to-date. Aviation was up 3 percent for the quarter and for the first half, reaching $113.1 million year-to-date.

Garmin said its strong sales in automotive/mobile and outdoor/fitness GPS are on track to meet or exceed its full year guidance. It sold a total of 1.28 million units in the second quarter, up 81 percent from the same quarter in 2005.

The company said marine sales for the quarter were dampened by poor weather and higher fuel prices during the key boating season. But the company expects to meet its full-year guidance for marine products. Aviation sales are expected to be slower than expected for the year because of delays in certain OEM programs and in new product introductions.

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